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A situation in which society's resources are insufficient to meet its wants is called... a. Excess...

A situation in which society's resources are insufficient to meet its wants is called...

a. Excess demand.

b. Scarcity.

c. A surplus.

d. A shortage.

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Answer #1

A situation in which society's resources are insufficient to meet its wants is called Scarcity

Resources are scant in light of the fact that we live in a world in which people's needs are endless however the land, work, and capital needed to fulfill those needs are limited and are restricted to a limit. This contention between society's boundless needs and our limited resources implies decisions must be made when concluding how to allot these scarce assets.

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